Firsttrade Spreads, leverage, minimum deposit Revealed

WikiFX | 2022-11-03 11:37

Abstract：Firsttrade is allegedly a financial services company registered in int Vincent and the Grenadines that provides its clients with a choice of four different live account types.

　　Note: Firsttrade is to operate via the website - https://firsttrade-corp.com/, which is currently not yet functional and no information about the company was immediately available. Therefore, we could only gather relevant information from the Internet to present a rough picture of this broker.

　　Risk Warning

　　Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.

　　General Information & Regulation

Feature	Detail
Regulation	No Regulation
Market Instrument	forex \| cryptocurrency
Account Type	Micro \| Standard \| Crypto \| ECN Prime
Demo Account	N/A
Maximum Leverage	N/A
Spread	N/A
Commission	N/A
Trading Platform	N/A
Minimum Deposit	$500
Deposit & Withdrawal Method	N/A

　　Firsttrade is allegedly a financial services company registered in int Vincent and the Grenadines that provides its clients with a choice of four different live account types.

　　As this brokerage's website cannot be accessed, we were unable to obtain further details about its trading assets, leverage, spreads, trading platforms, etc.

　　As for regulation, it has been verified that Firsttrade currently has no valid regulation. That is why its regulatory status on WikiFX is listed as “No License” and receives a relatively low score of 1.33/10. Please be aware of the risk.

　　Market Instruments

　　Firsttrade appears to provide its clients with forex and cryptocurrency trading. However, more specific information about tradable assets cannot be found on the Internet.

　　Account Types

　　Firsttrade claims to offer four types of live trading accounts, namely Micro, Standard, Crypto and ECN Prime. The minimum initial deposit amount is as high as $500 for the Micro and Standard account, and $1,000 for the Crypto account, which no specific information on the ECN Prime account. In comparison, licensed brokers allow setting up a starter account with a minimum deposit of $100 or even less.

　　Deposit & Withdrawal

　　The minimum initial deposit requirement with Firsttrade is said to be up to $500. Without access to its official site, we cannot say what kind of payment methods are available with the broker.

　　Customer Support

　　Firsttrade‘s customer support can be reached by telephone: +9 (876) 543 21 09, email: info@firstrade.com. However, this broker doesn’t disclose other more direct contact information like the company address that most transparent brokers offer.

　　Pros & Cons

Pros	Cons
Multiple account type options	• No regulation
	• Website inaccessible
	• High minimum initial deposit required

　　Frequently Asked Questions (FAQs)

Q 1:	Is Firsttrade regulated？
A 1:	It has been verified that Firsttrade currently has no valid regulation.

Q 2:	What is the minimum deposit for Firsttrade？
A 2:	The minimum initial deposit to open the basic Micro or Standard account is up to $500, while $1,000 for the Crypto account.

Q 3:	Is Firsttrade a good broker for beginners？
A 3:	No. Firsttrade is not a good choice for beginners. Not only because of its unregulated condition, but also because of its inaccessible website and too high initial deposit.